Wales' Success Depends on Its 'Normal' Entrepreneurs; ADVERTISING FEATURE: Angela Gilchrist, Right, Barclays Business Banking Area Manager for Cardiff, Asks Whether the Recession Has Frightened off Future Entrepreneurs
THERE is no question that Wales needs a constant introduction of entrepreneurs to help stimulate the economy. The recession is often viewed, quite rightly in many cases, as a dour time for businesses of all shapes and sizes but in any downturn there is also opportunity.
The recession inevitably causes businesses to deal with a new economic reality and, despite tentative signs of recovery, businesses across the UK continue to face numerous challenges. Scare stories of businesses battling for survival may initially inhibit people from starting up a new business but many are born from a mixture of necessity and opportunity.
Indeed, it's fair to say that one of the economy's quirks is that the number of start-up businesses has remained strong. Barclays helped a record number of start-up businesses last year. In a really deep recession, like in the 1980s and the current one, people are often forced into setting up a business because they need to earn a living and can't get a job. Or many decide to start up part-time businesses to supplement their income, either because their partner has lost their job or because their hours have dropped. In times such as these any trepidation is often pushed aside through necessity and many good businesses are forged.
There is an argument that the type of business created in a recession tends to be different from those under other economic circumstances but this doesn't mean that the timing is wrong as long as potential entrepreneurs realise what is involved in trying to start up a new enterprise. …